Reality: It is both larger and thinner, but looks basically the same as the iPhone4 and iPhone4s, only far more durable. The new specs show the iPhone5 coming in at 7.6mm thick, 18 percent thinner than previous phones. It is also 20 percent lighter, coming in at 112 grams. Apple announced the phone is "made entirely of glass and aluminum. It's designed and built to an exacting level of standard unlike anything we, or anyone in our industry, have made before."

Prediction 2: The iPhone5 will have the brain of an iPad.

Reality: Wrong, but the iPhone5 brain is still better than before. The iPhone5 will come with an A6, with a faster CPU and graphics compared to the A5. This is 22 percent smaller than the previous chip, making it more energy efficient.

Prediction 3: The iPhone5 will come with an improved battery.

Reality: True. With the faster, more energy efficient A6, the iPhone5 battery will last longer. Apple announced the new iPhone5 will have eight hours of 3G or LTE talk time or browsing, with up to 10 hours on WiFi browsing.

Prediction 4: The iPhone5 may not come with an NFC chip.

Reality: Just like we said before, no chip for you.

Prediction 5: The iPhone5 will have a new adapter.

Reality. True. It's called Lightning. It is 80 percent smaller than previous adapters and, like we predicted, users can plug it in both ways.

Prediction 6: The iPhone5 will have an improved camera.

Reality: Sort of true. The iPhone5 will come equipped with the same camera as the 4s, only thinner. It will also come with a dynamic low light mode that can evaluate nearby pixels to give up to 2 f-stops greater low light performance. It will also have a 40 percent faster image capture. Users may also take panorama shots with the new iPhone5.

The front-end camera was also updated to a 720p camera to match the back.

BONUS extras:

An extra row of apps. With the new larger screen, users will view 5 rows of apps instead of 4.

iWorks is getting an upgrade. Your calendar, iPhoto, iMovie and anything else that comes standard with an iPhone will come newly upgraded.

Better color. With 44 percent improved saturation, iPhone5 will work with full SRGB rendering.

iPhone5 is getting LTE. Your calls, data and downloads will all come in faster thanks to iPhone5's new LTE capability.

Face time gets an upgrade. Before, users were required to be on a wifi network; now users can simply make Facetime calls over cellular networks.

Price?

The price will remain the same as the iPhone4s: $199 for 16GB. $299 for 32GB, $399 for 64GB. It will be available for pre-orders starting on Friday the 14th. Shipping will start on September 21st in the US, Canada, UK, Germany, France, Australia, Japan, Hong Kong and Singapore.

What else is new with Apple?

Apple is enormous. Cook announced that iPads account for 91 percent of all web traffic coming from tablets. There are 700,000 IOS apps, along with 250,000 iPad apps available.

Apple iPads also account for 68 percent of the tablet market share.

iTunes has 435 million accounts. It will get a major upgrade on all systems.

iPods across the board are getting upgrades including better displays, longer battery life and smaller packaging. iPods will also come with built-in pedometers and Bluetooth technology.